Wajih Nakkash, centre, with his children Omar and Aya, who have both joined the business. Courtesy of Nakkash Gallery.
Wajih Nakkash, centre, with his children Omar and Aya, who have both joined the business. Courtesy of Nakkash Gallery.

Nakkash Gallery keeping it in the family



Wajih Nakkash opened his first furniture showroom in Garhoud in 1983. It took more than 30 years for him to open a second – but with its prime location on Sheikh Zayed Road, its spacious, carefully-considered layout and its extended portfolio of brands, the new 2.0 ­Nakkash Gallery was well worth the wait.

This time around, Nakkash had his son and daughter, who have both joined the business, on hand to help. Inspired by the books and magazines that his father used to place by his bedside, Omar Nakkash followed in Wajih’s footsteps, attaining a bachelor’s in design and management from New York’s illustrious Parsons The New School for Design and then completing his graduate studies in Milan at the Scuola Politecnica di Design. Meanwhile, Wajih’s daughter, Aya, decided to pursue a career in marketing and contribute to the development of the company that way. “I grew up surrounded by design but it was not my passion,” she explains as she shows me around the new showroom. “I complement the business on the marketing side. We’re a family business – there’s a lot of heritage there.”

Three decades on and Wajih remains heavily involved – “I don’t think he’ll ever retire,” Aya laughs – and the new showroom is a testament to the principles that have guided his career since the very beginning: the aim was always to offer distinctive lines of furniture, create comfortable spaces and mix and match a range of different design styles.

The new 800-square-metre space is located in the Al Rostamani Building on Sheikh Zayed Road. It’s in good company – BoConcept and Scavolini both have showrooms on this same stretch of service road. It was formerly used to showcase RVs (recreational vehicles), which is why it is so roomy, making it the perfect site for the latest Nakkash family venture.

“It’s a good location for us,” says Aya. “We decided to move here because we needed to be closer to ‘new Dubai’. People that have lived in Dubai for a while know Garhoud but a lot of expats only really know where the airport is. So it was definitely a good move for us; it was much needed. We took our time finding the perfect space.”

Nakkash Gallery has always prided itself on its breadth – its portfolio includes both classic and contemporary furniture, and ­options for indoors and outdoors.

But where the Garhoud showroom favours a more classic style and is home to the company’s extensive range of outdoor furniture options, the new Sheikh Zayed location leans more towards the ­contemporary.

“We represent a number of different brands – from Europe, America and Asia,” Aya notes. “We’re a one-stop shop. People can walk in and purchase one item and walk out again, or they can come and consult with us for interior design services.

“The concept here is quite different to Garhoud because it is more sectional. Here the customer can actually visualise the room itself; we have tried to create different settings and ambiences so it’s easier for customers to see everything. Also, here, we only have a small corner for classic furniture. So it’s more focused on the contemporary and modern.”

That’s not contemporary in the stark, Scandinavian, minimalist sense of the word, however. The Nakkash take on contemporary is slightly more refined; the grown-up, elegant version, if you like. Clean lines, striking colours, bold shapes and quality materials dominate, with the odd hint of fun thrown in for good measure – Thailand-based designer Peter Boonsermsuwong’s adorable sheep-shaped stools, which come in a white fluffy version covered in genuine sheep’s wool or in a black version covered in strips of cow suede leather, are a case in point.

“Before opening the showroom we did a market study. We tried to find out what styles were missing and that’s what we tried to cater to,” says Aya. “The result is a modern style but with a traditional twist. People here are not yet into very sleek modern, minimal design – not yet. It is too futuristic for them and it scares them off.”

During three decades of selling mid- to high-end furniture to Dubai’s well-heeled residents, the Nakkash family has been well positioned to witness first-hand how tastes have evolved, particularly when it comes to local clientele. “Styles have really shifted,” says Aya. “For example, when we do private villas where you have an entire family living in one place, we’ll design the master bedroom belonging to the parents in a very classic style, but the younger generation has moved on to a more contemporary style. They like mixing and matching; they’ll want something traditional mixed with a contemporary piece and then combined with some vintage chairs; it’s much more eclectic.”

To this effect, in addition to a corner dedicated to classic furniture, the new Nakkash showroom also features a vintage corner, complete with colourful furniture pieces and the uber-cheery fabrics of Italian designer Lisa Corti, whose distinctive products – which include such exotic-sounding things as mushroo, ikat, khadi and calico, in addition to cottons, muslins, wools and silks – are made in India by specialist artisans.

Other recent additions to the ­Nakkash portfolio include the American furniture brand Henredon and the New York-based designer Celerie Kemble, who is the author of To Your Taste: Creating Modern Rooms with a Traditional Twist and Black and White (and a Bit in Between). Another standout brand is Luna Bella, brainchild of an Italian-born, Florida-based husband-and-wife team whose quirky creations have a clever, almost industrial feel to them, while the wonderfully evocative chandeliers of the Portuguese lighting brand Serip will also make the (now much shorter) trip to Nakkash Gallery well worth your while.

sdenman@thenational.ae

Results

2pm: Maiden (PA) Dh 40,000 (Dirt) 1,200m, Winner: AF Thayer, Tadhg O’Shea (jockey), Ernst Oertel (trainer).

2.30pm: Maiden (PA) Dh 40,000 (D) 1,200m, Winner: AF Sahwa, Nathan Crosse, Mohamed Ramadan.

3pm: Handicap (PA) Dh 40,000 (D) 1,000m, Winner: AF Thobor, Szczepan Mazur, Ernst Oertel.

3.30pm: Handicap (PA) Dh 40,000 (D) 2,000m, Winner: AF Mezmar, Szczepan Mazur, Ernst Oertel.

4pm: Sheikh Hamdan bin Rashid Al Maktoum Cup presented by Longines (TB) Dh 200,000 (D) 1,700m, Winner: Galvanize, Nathan Cross, Doug Watson.

4.30pm: Handicap (PA) Dh 40,000 (D) 1,700m, Winner: Ajaj, Bernardo Pinheiro, Mohamed Daggash.

The results of the first round are as follows:

Qais Saied (Independent): 18.4 per cent

Nabil Karoui (Qalb Tounes): 15.58 per cent

Abdelfattah Mourou (Ennahdha party): 12.88 per cent

Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent

Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent

RESULTS

Welterweight

Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)

(Unanimous points decision)

Catchweight 75kg

Anas Siraj Mounir (MAR) beat Leandro Martins (BRA)

(Second round knockout)

Flyweight (female)

Manon Fiorot (FRA) beat Corinne Laframboise (CAN)

(RSC in third round)

Featherweight

Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki

(Disqualification)

Lightweight

Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)

(Unanimous points)

Featherweight

Yousef Al Housani (UAE) beat Mohamed Fargan (IND)

(TKO first round)

Catchweight 69kg

Jung Han-gook (KOR) beat Max Lima (BRA)

(First round submission by foot-lock)

Catchweight 71kg

Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)

(TKO round 1).

Featherweight title (5 rounds)

Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)

(TKO round 1).

Lightweight title (5 rounds)

Bruno Machado (BRA) beat Mike Santiago (USA)

(RSC round 2).

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

COMPANY PROFILE

Name: Kinetic 7
Started: 2018
Founder: Rick Parish
Based: Abu Dhabi, UAE
Industry: Clean cooking
Funding: $10 million
Investors: Self-funded